Practice IIA-CIA-Part2 Online & New IIA-CIA-Part2 Exam Pdf

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IIA-CIA-Part2 certification exam is a valuable certification for individuals in the field of internal auditing. It provides individuals with the necessary knowledge and skills to succeed in the field and opens up new career opportunities. As a globally recognized certification, it demonstrates a commitment to the profession and a desire to continue learning and growing as an internal auditor.

IIA-CIA-Part2 (Practice of Internal Auditing) certification exam is an essential step towards becoming a certified internal auditor. IIA-CIA-Part2 Exam is designed to test the understanding and knowledge of candidates in the various aspects of internal auditing practices. IIA-CIA-Part2 exam is administered by the Institute of Internal Auditors (IIA) and is one of the three exams necessary to attain the Certified Internal Auditor (CIA) designation.

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IIA-CIA-Part2 exam covers a wide range of topics related to the practice of internal auditing, including risk management, governance, compliance, internal control, and audit planning and execution. IIA-CIA-Part2 Exam consists of 100 multiple-choice questions and candidates have four hours to complete it. The passing score for the exam is 600 out of 800 points.

IIA Practice of Internal Auditing Sample Questions (Q425-Q430):

NEW QUESTION # 425
A company has recently incurred significant cost overruns on one of its construction projects. Management suspects that these overruns were caused by the contractor improperly accounting for costs related to contract change orders. Which of the following procedures would be appropriate for testing this suspicion?
I.Verify that the contractor has not charged change orders with costs that have already been billed to the original contract.
II.
Determine if the contractor has billed for original contract work that was canceled as a result of change orders.
III.
Verify that the change orders were properly approved by management.

Answer: D


NEW QUESTION # 426
While preparing the annual audit plan, the newly assigned chief audit executive (CAE) learns that the organization has not yet implemented a risk framework. Which of the following would be the most appropriate action for the CAE to take regarding potential engagements?

Answer: C


NEW QUESTION # 427
Due to price risk from the foreign currency purchase of aviation fuel, an airliner has purchased forward contracts to hedge against fluctuations in the exchange rate. When recalculating the exchange losses from individual purchases of jet fuel, which of the following details does the internal auditor need to validate?
1. The hedge documentation designating the hedge.
2. The spot exchange rate on the transaction date.
3. The terms of the forward contract.
4. The amount of fuel purchased.

Answer: A

Explanation:
When recalculating exchange losses from foreign currency purchases, the internal auditor needs to validate the spot exchange rate on the transaction date (2) and the terms of the forward contract (3). These details are crucial to accurately assess the financial impact and ensure that the hedge is effectively mitigating the exchange rate risk. Reference: = IIA's Practice Guide: "Auditing Derivatives" and IIA Standard 1220 - Due Professional Care.


NEW QUESTION # 428
According to the International Professional Practices Framework, which of the following is correct regarding conducting and reporting follow-up activities by the internal audit activity (IAA)?

Answer: A


NEW QUESTION # 429
Which of the following statements is true regarding partnership liquidation?

Answer: D

Explanation:
Partnership liquidation refers to the process of dissolving a partnership, where all assets are sold, liabilities are paid off, and any remaining assets are distributed among the partners. This process marks the end of the partnership's legal existence and its economic activities.
* Legal and Economic Termination: Upon liquidation, the partnership ceases to exist legally and economically. This means that it can no longer operate or enter into new business transactions.
* Asset Distribution: The liquidation process ensures that all assets are sold, and the proceeds are used to pay off any outstanding debts. Any remaining funds are distributed to the partners according to the partnership agreement.
* Capital Deficiency: While capital deficiency might prompt liquidation, it is not a defining characteristic of the process.
* Creditors Payment: Creditors are paid from the partnership's assets, not directly by the partners unless agreed otherwise or if the assets are insufficient to cover the liabilities.
References:
"Fundamentals of Partnership Accounting," which details the steps and consequences of partnership liquidation.


NEW QUESTION # 430
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